Lloyds to invest in renewable energy projects

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Lloyds Banking Group has revealed that it will invest around Â£333 million into renewable energy projects.

Part of a Â£1 billion package that has been designed to help to aid the delivery of the government's UK Guarantees scheme, Lloyds has revealed that it is currently looking at investing in up to 12 clean energy developments - in particular solar power, biomass and offshore wind plants - as well as three standard power stations.

Speaking to Bloomberg, managing director and global head of project finance at Lloyds, Chris Heathcote, stated: "The areas that seem to be doing the most at the moment are offshore wind, including the off-take connections, and biomass is looking interesting, but I'm slightly cautious as it's still early days for biomass."

"By providing this additional finance now, during the current economic cycle, vital projects can secure the financing required to progress so that the UK's infrastructure is ready for when growth returns," Mr Heathcote added.

In taking this step Lloyds has become the latest in a long line of banks investing in the renewable energy sector - which has seen green energy suppliers grow considerably in stature.